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Horngren'S Financial And Managerial Accounting
Found in: Page 885

Short Answer

The Institute of Management Accountants’ Statement of Ethical Professional Practice requires managerial accountants to meet standards regarding competence, confidentiality, integrity, and credibility. Consider the following situations. Which standard(s) is(are) violated in each situation?

c. At a company-paid conference on e-commerce, you skip the afternoon session and go sightseeing

The ethical standard violated, in this case, are competence and integrity.

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Step by Step Solution

Definition of an ethics

Ethics are defined as those standards which are concerned with what is morally good or bad and right or wrong.

Identification of violated ethical standards

The correct option is competence and integrity standards.

In this case, the company is organizing the conference on e-commerce to train the employees of the business. Skipping continuing education sessions could violate the requirement to maintain professional competence.

If the company has paid some amount of money to attend the conference, skipping these sessions will violate the integrity standards.

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